BEIJING (dpa-AFX) - Asian stocks ended mixed on Friday due to concerns over technology valuations and escalating Houthi attacks in Saudi Arabia.
As doubts deepen over the ability of AI companies to fund their massive infrastructure spending, investors now await earnings from Microsoft, Amazon and Alphabet for further direction.
Amid inflation and rate-hike concerns, investors also await cues from a slew of upcoming central bank meetings, including the U.S. Federal Reserve, the European Central Bank and the Bank of Japan.
Gold was subdued at $4,017 an ounce in Asian trade after falling nearly 3 percent in the previous session to reach its lowest level since July 20 amid escalating Middle East hostilities.
Brent crude prices rose toward $114 a barrel, heading for a third weekly gain and reaching the highest level in over five months as intensifying attacks on Saudi Arabia raised the risk of wider Middle East supply disruptions.
China's Shanghai Composite index jumped 0.89 percent to 3,690.48 after sliding into bear territory on economic concerns and doubts whether the country's much-hyped AI sector can justify lofty valuations.
Hong Kong's Hang Seng index rose 0.69 percent to 23,093.37. Taiwan's stock market was closed due to a typhoon.
Japanese markets ended lower on concerns over AI valuations. The Nikkei average slipped 0.34 percent to 62,693.16, ending off its day's lows after government bonds rallied, pushing yields lower across maturities.
The broader Topix index settled 0.79 percent lower at 3,965.81. The yen touched its highest level in more than a month as traders sought safety amid global equity sell-off.
Investors also digested data that showed Japan's core consumer inflation exceeded the central bank's 2 percent target in September for the first time in nine months.
Seoul stocks ended slightly higher, recovering from an early slide as investors hunted for bargains at lower levels.
The Kospi index edged up 0.30 percent to 5,550.30 after plummeting more than 3 percent in the previous session on persisting concerns over investments in the artificial intelligence (AI) value chain.
Chipmaker SK Hynix soared 4.4 percent, recovering early losses after announcing it had decided to suspend plans to list its U.S. subsidiary, Solidigm.
Australian markets ended on a flat note as financials and consumer discretionary stocks gained ground, offsetting losses in resource stocks.
The Aussie dollar was steady as traders raised their bets on an RBA rate hike following hawkish remarks from deputy governor Andrew Hauser.
Across the Tasman, New Zealand's benchmark S&P/NZX-50 index finished marginally lower at 13,733.93 after Meta Platforms disclosed a new class of non-voting shares to help fund rising AI costs.
U.S. stocks fell sharply overnight as tech stocks came under pressure amid renewed concerns about debt-fueled AI infrastructure spending.
Nvidia CEO Jensen Huang told CNBC that demand for specialized AI cloud providers is 'off the charts, but 'scarcity of capital' is holding back growth.
Inflation and rate hike concerns also rattled investors after crude prices surged to a five-month high on news of Iran-backed Houthis launching new strikes against Saudi targets.
Additionally, media reports suggested that the U.S. and Israel have drawn up specific plans for renewed strikes on Iran after next month's midterm elections.
President Donald Trump denied the U.S. is negotiating with Iran and said 'something one way or the other' will 'happen fairly soon.'
In economic news, data showed applications for unemployment benefits fell to a three-month low last week, underscoring the stability of the labor market and reinforcing expectations for another interest-rate hike this year.
The tech-heavy Nasdaq Composite plunged 2.6 percent to post its steepest single-day drop since early June and reach its lowest closing level in over a month.
The S&P 500 tumbled 1.2 percent, while the narrower Dow finished marginally higher.
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